The Stats on Patient Financial Engagement

Top view of wooden working table with financial report, stethoscope and pen

The Stats on Patient Financial Engagement

It’s no secret that healthcare costs have increased significantly in recent years and that patients are becoming responsible for larger portions of their medical bills. Healthcare providers can spend a significant amount of time chasing down patient payments. In this white paper we will identify the facts and figures concerning patient payments and how to automate them.

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How The Statistics Show Patient Financial Engagement Is What Everyone Wants

70% of providers said it takes more than 30 days to collect payment after a patient encounter, and 74% said it takes more than one statement to collect. Part of the problem is that 75% of providers are still relying on paper and manual processes for collection. However, this practice doesn’t line up with what patients actually want. Providers want to get paid timely and patients want more convenience.

Nearly 64% of early adopters of PFE technology reported increased collections, reduced costs, reduced AR days, and increased patient satisfaction ratings.

Research found that 42% of patients would not return to a healthcare provider after receiving an incorrect bill, and 34% said they would seek care elsewhere if a practice had a confusing or disorganized billing experience.

Automating payments before and after the visit can save healthcare staff a lot of time and frustration. Not only that, but collecting payments automatically means the practice won’t have to sell an uncollected payment to a debt collector just to receive a fraction of the actual bill.

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